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The Indian equity markets put up a brave front as they staged a strong recovery despite worrisome development on the currency front and weak global cues. Emerging market currencies were under strain, with the Argentinian peso and South African rand leading the pack. The rupee shed around 11-12% this calendar year and continues to remain weak. The rupee surpassed the 72 per dollar mark for the first time as well. The last three sessions of the week saw the markets stage a strong come-back as banks, financial, energy, pharma, and IT stocks led the recovery.
Meanwhile, automobile companies posted a mixed set of sales numbers for August. Sales of Maruti Suzuki were hit due to floods in Kerala, while Tata Motors and M&M witnessed strong growth. On the other hand, TCS again hit a market capitalisation of Rs8tn as it continues to race with Reliance Industries to top the market cap rankings.
Among sectors, FMCG index was down 5%, Nifty Bank index fell by 2%, Infra index declined by 1.2%, and the auto index edged higher by 0.25%.
Pharma index gained by 2.6%, metals index was up by 1.5%, IT index was up by 1.2%, and the energy index was up by a percent.
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